Lake Victoria Gold Pushes Two Tanzanian Projects Toward Production - Streetwise Reports

AI desk brief

Lake Victoria Gold is pushing its fully permitted Imwelo project toward first gold production while lining up a larger drilling program at Tembo, where a maiden resource stands at 99,700 oz indicated and 480,100 oz inferred. The company also signed a non-binding term sheet for about CA$27.2 million plus a possible CA$5 million shareholder offering, with closing targeted by Nov. 30, to fund Imwelo buildout and Tembo exploration.

At Imwelo, Phase 1 earthworks began in July and the company has identified a preferred processing route for near-surface Area C material; testwork lifted leach recoveries to about 85%-88%, though Red Cloud flagged that a separate slimes circuit may still be needed. The piece also notes a supportive macro backdrop for gold: Goldman sees central banks buying about 90 tonnes a month and still targets US$5,400/oz by end-2027, while Tanzania’s gold exports rose 37.4% to about US$5.67 billion in the year to July 2026.